Devon Energy and Centrica agree on natural gas supply arrangement

In a significant move for the global energy sector, British energy group Centrica Energy has entered into a natural gas sale and purchase agreement with US-based Devon Energy Corporation. This long-term agreement, spanning a decade, commences in 2028.

Under the terms of the agreement, Devon Energy will supply 50,000 MMBtu of natural gas per day. This volume is equivalent to five LNG cargoes per year, a substantial contribution to Centrica's energy supply portfolio.

The agreement builds on the deep and important energy trade links between the US and the UK. It also supports Centrica's objective of managing market price risk in its LNG portfolio. Moreover, the gas supply will be indexed to the European gas hub price (TTF), ensuring competitively indexed gas for Centrica's LNG business.

Chris O'Shea, the Group Chief Executive of Centrica plc, commented on the strategic energy asset and long-term natural gas agreement for the UK. He stated that gas remains an essential transition fuel.

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Devon Energy, with this agreement, secures international price exposure, furthering its global reach and impact. For those interested in the gas industry, subscribing to gasworld is a valuable resource, offering a crucial insight into the world of gas trading and supply.

In conclusion, the Centrica-Devon Energy agreement marks a significant step forward in the global energy trade, underscoring the importance of long-term partnerships and strategic decision-making in the energy sector. By subscribing to gasworld, readers can stay ahead of the curve and remain informed about the latest developments in the gas industry.